Associated Capital Group (AC) Financials
Newest figures come from the 10-Q for Q2 FY2025, filed Aug 7, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AC SEC filings page.
Associated Capital Group, Inc. (AC) reported $11.9M in revenue over the twelve months to Jun 30, 2025, down 11.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Associated Capital is asset-heavy and lightly liability-funded, while reported earnings convert unevenly into operating cash.
In FY2024, net income of$44.3M exceeded operating cash flow of$26.9M , reversing the prior year's pattern where cash flow exceeded earnings. That reversal indicates that reported profit is not a consistent proxy for cash generation, making earnings quality dependent on the period's underlying non-operating items and working-capital movements.
FY2024's
The reported operating result remained a loss of
Financial Health Signals
Associated Capital Group, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Associated Capital Group, Inc. passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Associated Capital Group, Inc. generates $0.61 in operating cash flow ($26.9M OCF vs $44.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Associated Capital Group, Inc. reported an operating loss of $18.8M against $267K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Associated Capital Group, Inc. generated $2.2M in revenue in Q2 2025. This represents a decrease of 15.0% from the same quarter a year earlier. Against the prior quarter it is up 3.7%.
Associated Capital Group, Inc. reported $18.6M in net income in Q2 2025. This represents an increase of 522.6% from the same quarter a year earlier. Against the prior quarter it is up 142.3%.
Not reported for Q2 2025.
Not reported for Q2 2025.
Cash & Balance Sheet
Associated Capital Group, Inc. held $249.4M in cash as of Q2 2025; no long-term debt figure is on record for that period.
Associated Capital Group, Inc. paid $0.10 per share in dividends in Q2 2025. That is unchanged from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2025.
Margins & Returns
Associated Capital Group, Inc.'s quarterly ROE was 2.0% in Q2 2025: one quarter's net income over shareholder equity, not annualized. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Not reported for Q2 2025.
Not shown for Q2 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Associated Capital Group, Inc. spent $776K on share buybacks in Q2 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 65.0% from the same quarter a year earlier. Against the prior quarter it is down 45.2%.
Not reported for Q2 2025.
Not reported for Q2 2025.
AC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'24 | Q2'2410-Q | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2M-15.0% | $2.1M-29.3% | $5.2M-8.6% | $2.4M+9.8% | $2.6M+8.9% | $3.0M+22.2% | $5.6M-25.2% | $2.2M-14.1% |
| SG&A Expenses | $5.3M+34.4% | $4.4M+16.4% | $6.3M+8.7% | $4.2M+3.4% | $3.9M+4.0% | $3.8M+7.0% | $5.8M-30.4% | $4.1M+13.6% |
| Operating Income | -$8.0Mn/m | -$5.3Mn/m | -$3.2Mn/m | -$6.9Mn/m | -$3.7Mn/m | -$5.0Mn/m | -$4.8Mn/m | -$3.5Mn/m |
| EBITDA | N/A | -$5.2Mn/m | N/A | N/A | N/A | -$4.9Mn/m | N/A | N/A |
| Interest Expense | $34K-50.7% | $45K-45.8% | $39K-47.3% | $76K-43.3% | $69K-55.8% | $83K-15.3% | $74K+4.2% | $134K+103.0% |
| Income Tax | $6.2M+808.9% | $2.8M-26.9% | -$3.1M-156.0% | $6.9M+4076.5% | $684K-62.8% | $3.8M+140.4% | $5.6M+94.4% | $166Kn/m |
| Net Income | $18.6M+522.6% | $7.7M-44.5% | $4.3M-73.8% | $23.2Mn/m | $3.0M-11.5% | $13.8M-22.2% | $16.3M+19.6% | -$16Kn/m |
| EPS (Basic) | $0.88+528.6% | $0.36-43.8% | N/A | $1.09n/m | $0.14 | $0.64 | N/A | $0.00n/m |
| EPS (Diluted) | N/A | N/A | N/A | $1.09n/m | $0.14 | $0.64 | N/A | $0.00n/m |
| Diluted Shares (Avg) | N/A | N/A | N/A | 21,275-1.8% | 21,392 | 21,500 | N/A | 21,672-1.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
AC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'24 | Q2'2410-Q | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $959.1M+1.1% | $933.3M-2.2% | $935.3M-0.9% | $977.2M+5.5% | $949.0M+1.7% | $954.2M+1.2% | $943.8M+1.7% | $926.5M-6.1% |
| Cash & Equivalents | $249.4M-26.9% | $293.9M-4.8% | $299.6M-5.6% | $260.9M-31.6% | $341.3M-10.5% | $308.7M-22.2% | $317.5M+45.3% | $381.3M+32.3% |
| Goodwill | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% |
| Total Liabilities | $38.7M+39.0% | $28.6M-9.3% | $37.0M+20.4% | $78.5M+232.8% | $27.8M+3.7% | $31.6M+6.4% | $30.7M+12.5% | $23.6M-75.9% |
| Total Equity | $914.7M-0.1% | $899.0M-2.0% | $892.7M-1.6% | $892.8M-0.3% | $915.5M+1.8% | $916.9M+1.2% | $907.0M+1.9% | $895.7M+1.9% |
| Retained Earnings | $70.0M+11.2% | $53.5M-13.8% | $45.8M-5.0% | $43.6M+28.2% | $62.9M+84.7% | $62.1M+88.7% | $48.2M+218.9% | $34.0M+830.0% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
AC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'24 | Q2'2410-Q | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$41.1M-238.3% | -$8.1Mn/m | $72.7Mn/m | -$74.5M-583.2% | $29.7Mn/m | -$1.1M-100.6% | -$49.7Mn/m | $15.4Mn/m |
| Depreciation & Amortization | N/A | $89K-1.1% | N/A | N/A | N/A | $90K0.0% | N/A | N/A |
| Investing Cash Flow | $889K+3765.2% | $1.2Mn/m | $13.9M+307.4% | -$2.3M-240.4% | $23K-98.2% | -$663Kn/m | $3.4M+2166.2% | $1.7M-46.9% |
| Financing Cash Flow | -$2.9Mn/m | -$1.4Mn/m | -$47.1Mn/m | -$3.4Mn/m | -$4.4Mn/m | -$4.3Mn/m | -$6.1Mn/m | -$3.9Mn/m |
| Dividends Paid | $2.1M-1.2% | N/A | $44.6M+1967.3% | $42.5Mn/m | $2.1M-2.3% | $0n/m | $2.2M-1.9% | $0n/m |
| Share Buybacks | $776K-65.0% | $1.4M-64.1% | $2.3M-22.8% | $3.4M-10.6% | $2.2M-70.9% | $3.9M+102.5% | $2.9M+462.0% | $3.8M+765.1% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.
AC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'24 | Q2'2410-Q | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -361.4% | -248.4% | -62.0%+23.6pp | -286.4% | -141.6% | -165.1% | -85.6%-50.9pp | -160.1% |
| Net Margin | 842.1% | 360.2% | 83.0% | 962.4% | 115.0% | 459.0% | 290.0% | -0.7% |
| Return on Equity | 2.0%+1.7pp | 0.9%-0.7pp | 0.5%-1.3pp | 2.6%+2.6pp | 0.3%0.0pp | 1.5%-0.4pp | 1.8%+0.3pp | 0.0%+1.9pp |
| Return on Assets | 1.9%+1.6pp | 0.8%-0.6pp | 0.5%-1.3pp | 2.4%+2.4pp | 0.3%-0.1pp | 1.5%-0.4pp | 1.7%+0.3pp | 0.0%+1.7pp |
| Liabilities-to-Equity | 0.040.0x | 0.030.0x | 0.040.0x | 0.09+0.1x | 0.030.0x | 0.030.0x | 0.030.0x | 0.03-0.1x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.000.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Where Associated Capital Group, Inc. Ranks
Frequently Asked Questions
What is Associated Capital Group, Inc.'s annual revenue?
Associated Capital Group, Inc. (AC) reported $13.2M in total revenue for fiscal year 2024. This represents a 3.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Associated Capital Group, Inc.'s revenue growing?
Associated Capital Group, Inc. (AC) revenue grew by 3.9% year-over-year, from $12.7M to $13.2M in fiscal year 2024.
Is Associated Capital Group, Inc. profitable?
Yes, Associated Capital Group, Inc. (AC) reported a net income of $53.8M over the trailing 12 months to June 30, 2025. In fiscal year 2024 it reported a net income of $44.3M.
What is Associated Capital Group, Inc.'s EBITDA?
Associated Capital Group, Inc. (AC) had EBITDA of -$18.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
Does Associated Capital Group, Inc. pay dividends?
Yes, Associated Capital Group, Inc. (AC) paid $2.20 per share in dividends during fiscal year 2024.
What is Associated Capital Group, Inc.'s return on equity (ROE)?
Associated Capital Group, Inc. (AC) has a return on equity of 5.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Associated Capital Group, Inc.'s operating cash flow?
Associated Capital Group, Inc. (AC) generated $26.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Associated Capital Group, Inc.'s total assets?
Associated Capital Group, Inc. (AC) had $935.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What is Associated Capital Group, Inc.'s liabilities-to-equity ratio?
Associated Capital Group, Inc. (AC) had a liabilities-to-equity ratio of 0.04 as of fiscal year 2024, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2024, because the filing data we hold for that year carries no long-term debt figure.
What is Associated Capital Group, Inc.'s return on assets (ROA)?
Associated Capital Group, Inc. (AC) had a return on assets of 4.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Associated Capital Group, Inc.'s Piotroski F-Score?
Associated Capital Group, Inc. (AC) has a Piotroski F-Score of 4 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Associated Capital Group, Inc.'s earnings high quality?
Associated Capital Group, Inc. (AC) has an earnings quality ratio of 0.61x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Associated Capital Group, Inc. cover its interest payments?
Associated Capital Group, Inc. (AC) reported an operating loss of $18.8M against $267K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.